HHI Beats 2018 Shipbuilding Order Target

shipbuildingLNG Carrier construction at DSME; Image Courtesy: Wikimedia Commons/Towel401 under public domain license

South Korean shipbuilding giant Hyundai Heavy Industries Group has exceeded its orderbook goal for this year before the year ended.

Namely, the orderbook value of the world’s largest shipbuilder reached USD 13.3 billion with the latest USD 53 million deal for two 2,800 tonne frigates with Korea’s Defense Acquisition Program Administration (DAPA), thus exceeding the set goal of USD 13.2 billion at the beginning of this year.

Hyundai’s orderbook for this year is comprised of a total of 153 vessels, including 56 oil tankers, 50 containerships, 40 gas carriers, including 25 LNG carriers and 15 LPG carriers, followed by 4 bulkers, 2 frigates and one car ferry.

Following a challenging period for the shipbuilding industry two years ago, South Korean Big Three shipbuilders set bullish expectations for 2018 amid anticipated market recovery. HHI pushed its value intake expectations by 76 percent when compared to 2017 figures that stood at USD 10 billion worth of orders.

This was a very fruitful year for Daewoo Shipbuilding and Marine Engineering (DSME) as well. Namely, DSME had set sights on USD 7.3 billion orderbook value. As disclosed by the company, DSME’s orderbook counts 45 vessels worth about USD 6.58 billion.

Related: DSME Tied to Another LNG Carrier Order

Finally, Samsung Heavy Industries (SHI), which was last reported to be targeting USD 7.7 billion worth of orders, seems to be lagging behind its competitors. Even though orders were pouring in over the past quarter, the shipbuilder has not yet met its sales target. The company’s newbuilding tally currently stands at 45 vessels, worth 5.5 billion USD. These include 14 LNG carriers, 13 containerships, 15 tankers, and 3 special purpose ships.

World Maritime News Staff

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